In FY15, Tata Starbucks\' loss narrowed to Rs 47 crore from Rs 51.87 crore a year ago. Over the past year, the coffee chain invested Rs 120 crore to expand India operations.
Tata Starbucks's CEO Avani Davda has moved from the company three years after Starbucks entered the Indian market. Davda will be replaced by Sumi Ghosh from January 2016.
"As Starbucks fastest-growing new market, I could not be more optimistic about the significant opportunities ahead of us. Nevertheless, I have been carefully considering my own career aspirations as we turn the corner on this next important stage of Tata-Starbucks growth," said Davda in a letter to company employees on Thursday.
Ghosh who will be the new in charge of growing the coffee chain in India has served as partner with Starbucks for over eight years and was most recently the vice president of Starbucks Midwestern U.S. region.
Tata Starbucks, a joint venture between Starbucks Corp. and Tata Global Beverages, generated total revenue of Rs 171.23 crore in the year ended March 2015, according to its annual report filed with the Registrar of Companies on Monday. That's an 80% jump from the previous year, when it posted sales of Rs 95 crore through 43 outlets.
In FY15, Tata Starbucks' loss narrowed to Rs 47 crore from Rs 51.87 crore a year ago. Over the past year, the coffee chain invested Rs 120 crore to expand India operations.
Starbucks, which opened its first India store in October 2012, now has 78 outlets and its pace of expansion has been a record in Starbucks' 43-year history.